NAR News & Issues

Published: April 11, 2007

<table width="507"><tbody><tr><td class="sectionheader"><span style="FONT-WEIGHT: bold; FONT-SIZE: 13px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #cc0000; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>NAR NEWS </b></span></td></tr><!– Itemheader –><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><br /><b>Tighter Lending Standards: Good for Housing but Expect Slower Sales </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">Tighter lending criteria and fallout from the subprime loan debacle will lead to a healthier housing market with greater assurance that owners can handle mortgage adjustments, according to NAR. But higher loan standards will slow the housing recovery, NAR reports. David Lereah, NAR’s chief economist, says the changes are necessary for the long-term health of the housing market. “Tighter lending standards will dampen home sales a bit, but by less than a couple of percentage points from initial projections,” Lereah says. “We still forecast 2007 to be the fourth highest year on record for existing-home sales, and housing remains a great long-term investment.” For more, <a title="http://go-to.realtor.org/h/WTP3M/QNSQ6/7V/LAN6L" href="http://go-to.realtor.org/h/WTP3M/QNSQ6/7V/LAN6L">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><br /><b>NAR Urges Senate to Develop Natural Disaster Plan </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">At two congressional hearings Wednesday, NAR called on the Senate to enact a comprehensive natural disaster plan that addresses insurance availability and affordability in both property and casualty insurance markets. NAR said the plan should recognize that property owners, private insurance markets, and all levels of government must work together to address the problem of available and affordable property insurance, especially in disaster prone areas. In testimony submitted to the Senate Committee on Banking, Housing and Urban Affairs, and to the Committee on Commerce, Science, and Transportation, NAR pledged to work with Congress to craft a national natural disaster plan that would include accessible and affordable insurance, improved preparedness, and thorough planning for recovery efforts. </td></tr></tbody></table><p /><p><table width="507"><tbody><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Revamp FHA Rules to Curb Foreclosures, NAR Says </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">NAR encouraged the U.S. Department of Housing and Urban Development to act quickly to change the FHA mortgage insurance program so more home owners can avoid foreclosure. In a letter sent to HUD Secretary Alphonso Jackson, NAR President Pat Vredevoogd Combs urged HUD to change FHA rules and waive the requirement that a home owner’s mortgage be “current” in order to refinance it into an FHA loan product. “Many home owners who were able to make timely payments under the original terms of their loan are finding it difficult to make payments after rate adjustments,” Combs said. “We believe FHA can design a mechanism where credit worthy borrowers could refinance subject to prudent guidelines, and therefore avoid losing their homes.” For more, <a title="http://go-to.realtor.org/h/GD450/QNSQ6/7V/LAN6L" href="http://go-to.realtor.org/h/GD450/QNSQ6/7V/LAN6L">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><br /><b>Real Estate Book Blog Debuts: Join the Conversation </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">Real Estate Book Blog Debuts: Join the Conversation </b /></td></tr><!– Story –><tr><td class="blacktext" width="500"><p>REALTOR® Magazine Online launched this week an online real estate book club, The Weekly Book Scan, featuring book reviews, author chats, excerpts, and a chance to post your comments about books you’ve read. The blog is designed to give you book news in 5 minutes or less. Leading off the blog this week: Sid Davis’ book <i>Home Makeovers that Sell</i> (AMACOM, 2007) and the latest book from NAR Chief Economist David Lereah, <i>All Real Estate is Local</i> (Currency/Doubleday, 2007). To visit the blog, <a title="http://go-to.realtor.org/h/TUFRL/QNSQ6/7V/LAN6L" href="http://go-to.realtor.org/h/TUFRL/QNSQ6/7V/LAN6L">click here.</a> </p><p /><p><table width="507"><tbody><tr><td class="sectionheader"><span style="FONT-WEIGHT: bold; FONT-SIZE: 13px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #cc0000; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>ISSUES </b></span></td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><br /><b>Free Analysis of Pending Land Use Legislation </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">AEs: Don't forget NAR has resources for you if your association wants to help shape local debate over land use. NAR’s Land Use Initiative provides you with a quick and thorough analysis of pending land use legislation or regulations. The analysis is provided free by the preeminent land use law firm Robinson &amp; Cole. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><br /><b>HUD Clarifies Rule on Down Payment Assistance </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">HUD has issued final rules on a down payment assistance program, and in an important clarification, says buyers of manufactured homes are eligible for assistance. The program, the American Dream Downpayment Initiative, is part of the existing HOME housing block grant. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><br /><b>National Flood Insurance Program Reform Bill Introduced in House </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">NAR-backed flood insurance reform legislation, which passed the House last year, is back on the table with reintroduction of the bill by Reps. Barney Frank (D-Mass.), chair of the Committee on Financial Services, and Judy Biggert (R-Ill.), ranking member of the Subcommittee on Housing and Community Opportunity. NAR President Pat Vredevoogd Combs sent letters to Frank and Biggert acknowledging the importance of the National Flood Insurance Program in protecting property owners across the country and offering to work with Congress on the legislation, “Flood Insurance Reform and Modernization Act of 2007,” H.R. 1682. </td></tr></td /></tr /></td /></tr /></td /></tr /></td /></tr /><!– End of story –><!– Section header –><tr><td class="sectionheader"><span style="FONT-WEIGHT: bold; FONT-SIZE: 13px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #cc0000; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"></span></td></tr></tbody></table></p></td></tr></tbody></table></p>


Last modified: April 11, 2007 at 1:14 pm | Originally published: April 11, 2007 at 1:14 pm
Printed: September 24, 2020